SINGAPORE (Feb 28): Jeweller Soo Kee Group reported a 49.5% rise in 4Q earnings to $4.6 million to $3 million a year ago.
Revenue for 4Q17 doubled to $114.2 million from $54.7 million lifted by higher sales from its subsidiary, SK Bullion of $60.98 million respectively.
Material costs more than doubled to $96.50 million due to a more than proportionate increase in material costs as compared to the increase in revenue in the respective periods was mainly due to the change in product mix.
The group recorded higher other gain of $0.46 million compared to $0.18 million mainly due to foreign exchange adjustment gains of $0.21 million, increase in rental income of $0.06 million and increase in miscellaneous income of $0.02 million.
For FY17, the group reported a 14.6% rise in earnings to $7.4 million which came on the back of a 49.5% rise in revenue to a record $4.6 million.
The board is recommending a final dividend of 0.50 cent per share for FY17.
Daniel Lim, CEO of Soo Kee, says the group will continue to introduce new products and initiatives to capture a wider target audience. On the regional expansion front, the group remains upbeat in its proposed foray into China and its growing bridal jewellery market.
Shares in Soo Kee closed at 14 cents on Wednesday.
